OCC Bulletin 2025-2 | March 7, 2025

Bank Activities: OCC Issuances Addressing Certain Crypto-Asset Activities

To

Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties

Summary

The Office of the Comptroller of the Currency (OCC) today issued Interpretive Letter 1183, which rescinds OCC Interpretive Letter 1179 (November 18, 2021) (IL 1179).

The OCC today also withdrew from two interagency statements as they apply to national banks and federal savings associations-the "Joint Statement on Crypto-Asset Risks to Banking Organizations" (January 3, 2023), and the "Joint Statement on Liquidity Risks to Banking Organizations Resulting from Crypto-Asset Market Vulnerabilities" (February 23, 2023) (together, the interagency statements).

Rescission

In addition to (1) rescinding IL 1179 and (2) withdrawing from the interagency statements as they apply to national banks and federal savings associations, this bulletin rescinds OCC Bulletin 2021-57 (November 23, 2021), which transmitted IL 1179, and OCC Bulletin 2023-1 (January 3, 2023) and OCC Bulletin 2023-8 (February 23, 2023), which transmitted the interagency statements.

Note for Community Banks

This bulletin applies to community banks.

Highlights

These actions are intended to reduce burden, encourage responsible innovation, and enhance transparency. The OCC will examine the activities described in IL 1170 (addressing crypto-asset custody services), 1172 (addressing holding deposits that serve as reserves backing stablecoins), and 1174 (addressing the use of stablecoins and distributed ledger technology to facilitate payments) as part of its ongoing supervisory process. As with all activities, banks must conduct crypto-asset activities in a safe, sound, and fair manner and in compliance with applicable law. New activities should be developed and implemented consistent with sound risk management practices and align with banks' overall business plans and strategies.

Further Information

Please contact the Chief Counsel's Office at (202) 649-5400 or Bank Supervision Policy at (202) 649-6770.

Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy